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PCV Basics
PCV stands for Positive Crankcase Ventilation.
All car engines have a PCV valve and it is located on top of the motor's
valve cover. There is a vacuum line attached to it. It pulls out of the
valve cover and if you shake it, you should hear a marble knocking
inside it. If you shake it and don't hear anything, it's bad. It costs
less than 5 bucks to replace.

Location* 4.0L is located in the valve cover near the brake booster* 5.0L is located behind the intake manifold (engine rear)

NOTE-Most people that are asking actually want to know not only where is
it but also how do you get at it to replace it.

Often answers say that you need to dismantle the intake manifold to get
to it.
This is a major and unnecessary approach, for example, on the 2000
Explorer with a 5.0 V8

Below is an additional suggestion on how to access a PCV valve on an
2000 5.0 V8 Explorer

The PCV valve is on the rear of the intake manifold (the intake manifold
is also on top of the crankcase so PCV valve has direct access to
crankcase)

To replace valve and/or its bushing:

Disconnect one battery terminal, unbolt/unplug the PCM cable
(Powertrain Control Module connector located on the firewall) and
firewall ground connection, depress underneath tab and slide the main
cable connector (located to the right of PCM connector) off its mount.

Move the cables to the right and now you can easily reach down
behind the intake manifold to the PCV valve

Service valve and its bushing if needed, reverse actions to
reassemble

PCV BasicsPCV stands for Positive Crankcase Ventilation.All car engines have a PCV valve and it is located on top of the motor's valve cover. There is a vacuum line attached to it. It pulls out of the valve cover and if you shake it, you should hear a marble knocking inside it. If you shake it and don't hear anything, it's bad. It costs less than 5 bucks to replace.

The PCV valve for a 5.0L is located below the upper intake manifold in the rear. It is locate in the lower intake manifold in the rear right below the upper intake manifold. It is really hard to see but if you get a mirror you can probably see it.

On the passenger side of the intake manifold, coming off the bottom
about the center of the engine front to back, you'll feel a hose that
comes off a nipple. That hose makes a 90 degree bend and goes around to
the rear of the motor. Where that hose meets the Y-connector from the
other side of the intake you'll find the PCV valve. It's almost
impossible to see it with the hood installed, and even tougher to reach
it.